Wrap your debt into one easy monthly payment to get debt free sooner and save money on interest.
Save thousands with a lower rate and get debt free sooner.
When it comes to paying down debt, wrapping high interest debt into a lower interest rate consolidation loan can make a big difference. Here’s an example:
Meera had 3 credit cards with outstanding balances totaling
Meera pays off her credit cards in full with a Consolidation Loan of
Credit Card Interest Rate
Loan Interest Rate
Credit Card Payments
Loan Payments
Meera will pay off her debt in
Meera will pay off her debt in
When you wrap your debt into a consolidation loan, you only need to make one monthly loan payment. Which means less hassle and less risk of forgetting to make multiple payments by their due dates.
A simplified payment schedule with a lower interest rate and smaller loan payment will make your finances more manageable so you can make all your payments on time. Making your payments on time will improve your credit score.
Moving your daily banking account to Cambrian will save you money every year with Unfee.
Bank for free by setting up a monthly direct deposit in your Cambrian chequing or savings account and we’ll refund your service fees every month. With our Premium Account, you will save $234 every year.No minimum balance required.
At Cambrian, we aim to make paying off your debt as simple as possible.
We evaluate each situation individually and make our honest recommendation based on what is best for you, our member. We’ll tell you what you need to hear and clearly explain your options so that you understand how we can help.
You can apply for a personal loan online at anytime.
You will need the following information (if joint borrowers, you will need the information for both borrowers):
1. Employment information, including your gross monthly salary (before taxes and deductions)
2. Information about your assets, such as:
• Properties you own
• Vehicles you own
• RRSPs & investments
• Chequing and savings balances
3. Information about your debt payments and liabilities, which include:
• Mortgages
• Loans
• Credit cards
• Rent & lease payments
4. We may also need you to provide us with the following documents:
• Valid photo identification
• Income verification (pay stub, T4, etc.)
• Statements (bank, credit card, etc.)
• Tax return
We will review your online application within one business day and email you next steps. If we are proceeding with your application, we will ask you to book a meeting online with one of our advisors (you can meet by video, phone or in person).
At the meeting, we will review your application together and gather all the required information. Depending on the situation, we may ask you to provide collateral, such as a vehicle, or we may require another signer (i.e. a co-signer) to secure your personal loan.
We will draft the loan documents for your signature and review together. You can sign the documents in person at the branch or we can securely email the document for you to sign electronically.
We will set up the personal loan in your Cambrian account including automatic loan payments, as per the repayment schedule in your loan document.
We know your time is precious, so we strive to make your experience quick and seamless.
Cambrian has helped thousands of members pay off their debt and these are the top things we think you should know.
To get out of debt, first you need to know how much you owe.
Review your credit report, look at your statements and create a debt checklist.
Use our PayOff Debt Calculator to find out in minutes how you can save thousands of dollars in interest by consolidating your debt into one PayOff Loan. Using the calculator will not affect your credit score.
In only 15 minutes, you can apply for a PayOff Loan online.
Prefer to meet with an advisor? Book a meeting online.
You can go through the entire loan process with us without needing to step foot in the branch.
Our Personal Banking Advisors are available via video and you can sign your loan documents electronically.
Use our PayOff Debt Calculator to estimate how much you could save in interest by wrapping all your debt into one monthly loan payment.
In some cases, you will need to provide collateral to secure your loan. This depends on inpidual circumstances like income, assets, existing debt and credit score.
Collateral is an asset of value – generally a vehicle or your home, which provides security to the loan. Providing collateral can lower your interest rate, and help you get approved for a loan if your credit score does not qualify you for an unsecured loan.
A higher credit score means your credit history is good, therefore financial institutions will have more confidence in your ability to pay back your loan on time.
Visit www.consumer.equifax.ca to get a copy of your credit score for free.
It takes less than 15 minutes to apply online.
You can also book a meeting online to meet with an advisor via
